13:18 - 10.01.2018

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January 10, Fineko/abc.az. The World Bank has published a new report Global Economic Prospects: Europe and Central Asia on the prospects for the global economy.

The report says that economic growth in Europe and Central Asia is projected to accelerate up to 2.5% in 2017 and up to 2.7% in 2018. The further economic recovery of the raw material exporter countries and reduction of geopolitical risks and domestic policy uncertainty in large countries of the region are expected to promote to that.

It is expected that in two years of recession the growth rate of the Russian economy will make up 1.3% in 2017 and 1.4% in 2018. Growth of consumption will promote to economic growth. It is predicted that amid favorable impact of strengthening in oil prices and flexible macroeconomic policy on economic activity, Kazakhstan’s economy will grow by 2.4% in 2017 and by 2.6% in 2018. In Ukraine economic growth, according to forecasts, will decrease to 2% in 2017 and then rise up to 3.5% in 2018.

Azerbaijan's economy is expected to stay in recession: under the influence of the shortcomings of the banking system and tight monetary and fiscal policy it is projected to decline by 1.4% and change in 2018 by growth of 0.6%.

As for raw material importer countries, in Turkey, in terms of a flexible fiscal policy, it is projected economic growth of 3.5% in 2017 and 3.9% in 2018 as the uncertainty reduction, recovery of tourism and improvement of the financial condition of companies.

The economy of Belarus is expected to shrink by 0.4% in 2017 that is associated with a further tightening of fiscal policy, but in 2018 its growth can resume at the level of 0.5%.